Vodacom Group (VOD) H1 2026 earnings summary

Executive summary

• Achieved double-digit growth in revenue, service revenue, and EBITDA for the six months ended 30 September 2025, with strong contributions from all major markets and segments, and progress on Vision 2030 ambitions.

• Customer base expanded 8.6% to 223.2 million, with 12 million net additions and financial services customers up 13.1% to 94 million.

• Financial services and beyond mobile offerings now contribute 21.8% of service revenue, with strong momentum in digital and financial inclusion initiatives.

• Dividend per share increased by 15.8% to 330cps, reflecting robust shareholder returns.

• Expanded 4G and 5G infrastructure, with over 1,881 new 4G and 3,524 new 5G sites, and committed over ZAR 23 billion in capital expenditure for the year.

Financial highlights

• Group revenue reached R81.6 billion, up 10.9% year-over-year; service revenue grew 12.2% to R65.8 billion.

• EBITDA grew 14.7% to R30.5 billion, with margin up 1.2ppts to 37.3%.

• Net profit attributable to equity holders rose 33.1% to R9.1 billion; headline EPS increased 32.3% to 467cps.

• Free cash flow improved to R2.7 billion, reflecting improved EBITDA and working capital management.

• Financial services revenue up 20.3% to R8.0 billion, now 12.2% of group service revenue.

Outlook and guidance

• Targets double-digit growth for both service revenue and EBITDA over the next three years, assuming stable macroeconomic conditions.

• Vision 2030 aims for R200 billion revenue, 260 million customers, 75%+ smartphone penetration, and 30% of service revenue from beyond mobile by 2030.

• Financial services customer base targeted to reach 120 million by 2030.

• Capital expenditure intensity expected at 13.0–14.5% of revenue, with acceleration in the second half.